Tag: Mumbai

CommercialLatest Stories

Air India Repairs to Cost ₹181 Crore, Last Six Months

MUMBAI: The state government plans to invest approximately ₹181 crore to renovate and repair the recently acquired 22-storey Air India building located at Nariman Point. Officials estimate that the renovation will take around six months, after which state government offices will relocate to this building. The acquisition cost the state government about ₹1,601 crore. A structural audit conducted last week by the state public works department (PWD) indicated that substantial repairs and renovations are necessary. “We will issue two separate tenders—for construction and electrification. The tender process is currently in progress, and we aim to complete the renovation within six…

IndustryLatest Stories

Mumbai Sees 70 Redevelopment Deals in Q1 2026: Report

NEW DELHI: In the first quarter of 2026, Mumbai saw nearly 70 developer agreements for society redevelopment, making up over 30% of the total agreements for 2025, according to a report by Knight Frank India. The report noted a shift towards larger, cluster-led redevelopment projects, driven by policy modifications, land aggregation, and enhanced project feasibility. Mumbai’s redevelopment initiatives could potentially unlock around 59,000 homes valued at approximately ₹1.5 lakh crore by 2031. Additionally, these projects are projected to generate about ₹9,115 crore in stamp duty revenue throughout their lifespan, the report stated. Since 2020, developer agreements in Mumbai have surpassed…

Latest StoriesRegulatory

Bombay HC Denies Deemed Conveyance for Housing Society

MUMBAI: The Bombay High Court has annulled an order granting deemed conveyance to a housing society in Andheri West, stating that the competent authority under the Maharashtra Ownership of Flats Act lacked the power to entertain a second application on a finalized issue. Justice Farhan Dubash remarked that the deputy registrar of cooperative societies effectively exercised review powers that are neither recognized under the Maharashtra Ownership of Flats Act (MOFA) nor granted to it. He stated, “The second application was not only premature but also barred by principles akin to res judicata and the doctrine of finality of proceedings.” Justice…

IndustryLatest Stories

Cycle of Encroachment and Housing Can’t Last Forever: CM

File Photo MUMBAI: In defense of the ongoing slum demolition initiative in the city, Chief Minister Devendra Fadnavis stated on Friday that the cycle of encroachment and government-provided housing cannot persist indefinitely. Responding to inquiries regarding the eviction of slum dwellers without the implementation of the Centre’s flagship Housing for All initiative, Fadnavis noted that Mumbai has seen the highest number of slum dwellers receive ownership homes in the past decade, and the government will continue this effort. However, he emphasized that the court has imposed certain conditions, stating that only eligible residents are to be allocated homes, while ineligible…

Latest StoriesResidential

Kriti Sanon, family sell Mumbai apartments for ₹8.9 crore

NEW DELHI: Kriti Sanon, along with her sister Nupur Sanon and mother Geeta Sanon, has sold four residential properties at Raheja Classique, Andheri West, Mumbai for ₹8.9 crore. Two apartments were sold for ₹3.23 crore each, featuring a built-up area of 60.78 sq meters (654.23 sq ft) and a carpet area of 50.63 sq meters (545 sq ft), with one car parking space per unit. Each transaction incurred a stamp duty of ₹19.41 lakh and registration charges of ₹30,000, according to property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. Additionally, two other units…

Latest StoriesResidential

Shreyas Iyer Leases Worli Property for ₹7.14 Crore

NEW DELHI: Indian cricketer Shreyas Iyer has rented a residential unit in Artesia, Worli, Mumbai, at a starting monthly rent of ₹18.50 lakh. The unit spans 360 sq meters (3,875 sq ft) and includes four car parking spaces. The registration of the deal involved a stamp duty of ₹1.84 lakh, registration charges of ₹1,000, and a security deposit of ₹74 lakh, as detailed in property registration documents reviewed by Square Yards on the Inspector General of Registration (IGR) website. The agreement was officially registered in June 2026. According to an analysis by Square Yards, the lease duration is set for…

IndustryLatest Stories

Oberoi Realty invests ₹268.5 crore in Bandra East project

Representative AI image NEW DELHI: Oberoi Realty has invested ₹268.50 crore in equity shares of Centerstage Realty, its fully-owned subsidiary, via a rights issue, as stated in a regulatory filing. The company purchased 26.85 crore equity shares at a nominal value of ₹10 each. Following this transaction, Oberoi Realty maintains its complete ownership and control of Centerstage Realty. Centerstage Realty was established on June 2, 2026, as a special purpose vehicle for the development of railway land in Bandra East, adjacent to the Western Express Highway in Mumbai. Previously, the company disclosed that its bid to the Railway Land Development…

IndustryLatest Stories

Maharashtra Decentralises Land Approvals to Accelerate Projects

The Maharashtra government has enhanced the authority of district collectors and divisional commissioners to approve government land transactions. This initiative aims to minimize bureaucratic delays and accelerate investment and redevelopment initiatives throughout the state. As stated in a government resolution (GR) from the Revenue and Forest Department, the delegation of powers under Section 37A of the Maharashtra Land Revenue Code, 1966 has been updated. This allows district-level and divisional authorities to authorize a broader range of land-related proposals without needing state government approval. The move is designed to improve the business environment and hasten approvals for industrial, infrastructure, housing, and…

IndustryLatest Stories

Maharashtra to Launch New Rates for Towers and Slums Post-Survey

MUMBAI: Maharashtra will implement distinct Ready Reckoner (RR) rates for high-rises and slum clusters within the same area, following a statewide micro-zoning initiative aimed at enhancing the realism and fairness of property valuations, announced Revenue Minister Chandrashekhar Bawankule on Wednesday. This decision, revealed on the 12th anniversary of Prime Minister Narendra Modi’s tenure, seeks to aid middle-class homebuyers and slum dwellers currently subjected to uniform valuation rates, despite significant differences in infrastructure and amenities. Bawankule noted that the Maharashtra government has initiated a three-phase survey program for micro-zoning, entrusting the Maharashtra Remote Sensing Application Centre to carry out the task…

IndustryLatest Stories

Reliance Consortium Wins 101-Acre Mumbai Slum Redevelopment Bid

MUMBAI: A consortium led by Reliance Industries’ subsidiary, Reliance 4IR Realty Development, in collaboration with Mahadev Realtors Juhu, has successfully won the bid for the redevelopment of the 101.36-acre Juhu Galli slum cluster in Andheri (West), making it one of the largest slum redevelopment projects in Mumbai. The tender process was overseen by the Slum Rehabilitation Authority (SRA) and drew bids from major corporate groups, including Reliance, JSW, and the Shapoorji Pallonji Group. The Reliance-led consortium emerged victorious in the bidding process. The redevelopment plan aims to construct over 28,000 homes for eligible slum residents. This initiative falls under the…